State-owned Eesti Energia’s renewable energy subsidiary Enefit Taastuvenergia has acquired the remaining minority stake in the Paide power plant. The company is now the sole owner, the transaction details remain confidential.

CEO of Enefit Taastuvenergia, Aavo Kärmas, said that becoming the sole owner of the power plant was a logical step after they had bought out the other minority stakeholder in autumn last year.

“According to Eesti Energia’s strategy confirmed in summer 2016, renewable energy is bound to become one of Estonia’s most important growth areas over the next five years,” Kärmas said, adding that they had produced renewable energy in Paide since 2013.

The owner of OÜ Tootus, the minority shareholder from which Enefit Taastuvenergia bought the remaining stake, Andres Alusalu, said he wanted to sell because most of the work to get the power plant going was done.

The power plant can produce up to 2 MW of electrical energy, and 8 MW of heat energy. Per year it produces some 7.5 GWh of electricity and up to 42 GWh of heat. Its peak-hour boilers included, which if needed can also burn bio mass and crude oil, the plant has produced an average 55 GWh per year over the last three years.

Companies in the Paide area also supply the power plant with wood chips, of which it burns some 33,000 tons a year.

Enefit Taastuvenergia is a subsidiary of state-owned Eesti Energia that produces electricity and heat from wind, water, biomass, and household refuse.

The company produces in Iru, Aulepa, Narva, Paldiski, Virtsu, Valga, and now also Paide. It also runs two small hydroelectric power plans in Keila-Joa and Linnamäe.

The government has announced plans to take the company public. Currently Eesti Energia is carrying out initial analyses to the effect.